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Updated from 2:34 p.m. EDT
Morgan Stanley(MS Quote) is auctioning off $2.5 billion worth of New Century Financial(NEWC Quote) mortgage loans, which could mean that a bankruptcy filing by the lender is near.
The New York investment bank announced the sale of 13,200 loans through print ads for the public auction on Friday. The news was first reported by The New York Post Monday.
The loans were held as collateral by Morgan Stanley for providing financing to New Century as the Irvine, Calif.-based subprime lender struggles to stay in business. ...
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